Small Office Building Brings in $277 per SF

WASHINGTON, DC-The Jefferson Building, the 72,000-sf office structure at 1225 19th St., has gotten a new owner with SSR Realty Advisors recent purchase of the building from Brickman Jefferson LLC in a transaction valued at $20 million. SSR snapped up the well-kept four-decade-old property on behalf of one of its managed funds, Tower Fund. “The acquisition of the Jefferson Building is in keeping with Tower Fund’s strategy of increasing allocation to the greater Washington, DC metropolitan area,” notes Yvonne Compitello, SSR Realty Advisors managing director for the Tower Fund.

Situated on a corner in the city’s Golden Triangle area, the Jefferson Building’s offices are currently 83% occupied. And the property boasts a popular ground-level retail tenant, the Palm Restaurant, which has been a favorite among the Washingtonian power crowd for the past three decades. The eight-story structure last hit the market in 2002 when Brickman Jefferson acquired it for $16.5 million. It has a 2004 assessed value of $16.5 million. Core Plus Properties LLC has agreed to take on management and leasing duties at the Jefferson, and will oversee an upgrade project.